Common use of Material Subsidiary Clause in Contracts

Material Subsidiary. The Company has no subsidiaries that are material other than the Material Subsidiary and the Company is the direct or indirect registered and beneficial owner of all of the issued and outstanding shares of the Material Subsidiary (other than those shares owned by nominal shareholders as required by local corporate laws), in each case, free and clear of all charges, mortgages, liens, hypothecs, pledges, claims, restrictions, security interests or other encumbrances, whether created or arising by agreement, statute or otherwise pursuant to any applicable law, attaching to property, interests or rights and whether or not they constitute specific or floating charges, as those terms are understood under the laws of the Province of British Columbia (each, an “Encumbrance”), and no person has any agreement, option, right or privilege (whether pre-emptive or contractual) capable of becoming an agreement or option, for the purchase from the Company or the Material Subsidiary of any of the shares or other securities of the Material Subsidiary.

Material Subsidiary. The Company has no subsidiaries that are material other than the Material Subsidiary and the Company is the direct or indirect registered and beneficial owner of all of the issued and outstanding shares of the Material Subsidiary (other than those shares owned by nominal shareholders as required by local corporate laws), in each case, free and clear of all charges, mortgages, liens, hypothecs, pledges, claims, restrictions, security interests or other encumbrances, whether created or arising by agreement, statute or otherwise pursuant to any applicable law, attaching to property, interests or rights and whether or not they constitute specific or floating charges, as those terms are understood under the laws of the Province of British Columbia Québec (each, an “"Encumbrance”)") or adverse interests whatsoever, and no person has any agreement, option, right or privilege (whether pre-emptive or contractual) capable of becoming an agreement or option, for the purchase from the Company or the Material Subsidiary of any of the shares or other securities of the Material Subsidiary.